The Nasdaq Composite touched an intraday record high on Tuesday, its first since early June, as technology stocks rebounded and falling oil prices lifted risk appetite. Chipmaker AMD topped $1 trillion in market value the day before, while the Dow and S&P 500 also advanced.
The Nasdaq Composite touched an intraday record high on Tuesday for the first time since early June, as technology stocks clawed back lost ground and retreating oil prices boosted risk appetite. The index was last up 0.3% at 27,212.68, eclipsing its previous intraday record of 27,190.21 set on June 1.
Oil retreat lifts sentiment
Oil prices fell to a two-week low as prospects for increased Gulf supply eased market concerns, with Iran signaling it could reopen the Strait of Hormuz soon. That lifted markets globally. Tech stocks, which have driven US markets to record highs this year, reclaimed the spotlight as AI demand showed no signs of abating and corporate earnings stayed resilient.
AMD crosses $1 trillion
Chipmaker AMD topped $1 trillion in market valuation on Monday as chip stocks surged, sending the Philadelphia SE Semiconductor index to a more than one-month high. That gauge had confirmed bear market territory on July 17, ending more than 20% below its record close. Rising oil prices and concerns over ballooning government debt had pushed Treasury yields to multi-year highs earlier this month, pressuring high-flying stocks such as memory chipmakers that had posted an eye-popping rally this year.
Even so, the record milestone marks a sharp recovery for the tech-heavy Nasdaq. The index had briefly fallen more than 10% from its intraday high in late July on concerns that AI spending could weigh on profitability as returns were not materializing as fast as markets expected.
Dow and S&P already at records
The S&P 500 and the Dow already hit record highs in early August, making the Nasdaq the last major index to mark its recovery. At 9:32 a.m. ET, the Dow rose 155.42 points, or 0.30%, to 52,204.25, the S&P 500 gained 14.39 points, or 0.19%, to 7,779.09, and the Nasdaq Composite added 89.57 points, or 0.33%, to 27,211.66.
Advancing issues outnumbered decliners by a 1.88-to-1 ratio on the NYSE and by a 1.78-to-1 ratio on the Nasdaq. The S&P 500 posted no new 52-week highs and 5 new lows, while the Nasdaq Composite recorded 12 new highs and 26 new lows.
Source: Investing.com
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